Glencore “Pre-Pays $300m” for Kurdish Oil

By John Lee.

Anglo–Swiss commodity trader Glencore has reportedly paid Iraqi Kurdistan $300 million as an advance for oil shipments.

Anonymous sources told Reuters that the company made a prepayment in recent days, and will start receiving crude from mid-year.

The Kurdistan Regional Government (KRG) said on Monday it had received $100 million in February from a new prepayment, without saying where it came from.

According to Reuters, Vitol has recently been the dominant player in Kurdish oil, exporting 12 cargoes in January, while Petraco has had seven, and Swiss-based Trafigura has taken one cargo a month.

Glencore’s Chairman is Tony Hayward, who is also Chairman of Genel Energy, one of the main oil producers in Iraqi Kurdistan.

(Source: Reuters)

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